Sarah Brady

San Francisco

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Articles

What is a second-chance checking account?

Dec 3, 2024 | finance.yahoo.com | Sarah Brady

Managing money is tough for most people, but it's even harder when you don't have a bank account. If you've been turned down for a checking account, you probably have to go to great lengths to complete your day-to-day financial transactions. You might be using a combination of prepaid cards, payment apps like Venmo, and expensive check-cashing services. Instead of running in circles, there's a simpler solution for people who need a bank account: second-chance checking.
Debit card fraud protection: What to know if your card is compromised

Nov 28, 2024 | finance.yahoo.com | Sarah Brady

In 2024, debit cards are a popular method of payment — almost as popular as credit cards. But there are several drawbacks to using debit cards over credit cards and other forms of payment, including the fact that they don't give you as much protection against fraud. If someone uses your debit card without your permission — also known as debit card fraud — will you get your money back? If you don't catch the issue fast enough, there's a chance your bank account could be cleaned out for good.
Do 7% interest savings accounts exist anymore?

Nov 20, 2024 | finance.yahoo.com | Sarah Brady

At present, there aren't any banks offering 7% APY on savings accounts. If you're looking for maximum returns from a bank, the best you can hope to earn is in the range of 4% to 5% on a high-yield savings account (HYSA), certificate of deposit (CD), or money market account (MMA). Why aren't 7% APY bank accounts available anymore? Mainly because of the Federal Reserve's interest rate adjustments.
PayPal savings account offers 4.30% APY — but is it worth it?

Nov 18, 2024 | finance.yahoo.com | Sarah Brady

Since 2021, PayPal Savings accounts have been giving PayPal users a chance to earn high interest on their account balances, plus cash-back rewards. When PayPal's no-fee savings accounts were first introduced, they paid customers 0.40% APY. That rate sounds negligible today, but it certainly beat the national average savings account rate of 0.09%. Fast-forward to 2024, and you can now earn 4.30% on these FDIC-insured accounts, while the national average sits at just 0.45%. What's the catch?
How do fixed-rate HELOCs work, and which lenders offer them?

Nov 14, 2024 | finance.yahoo.com | Sarah Brady

When you take out a home equity line of credit (HELOC), you usually get a variable interest rate. This means your rate could decrease or increase drastically over your repayment period. While the current average rate on new HELOCs is roughly 8.50%, your APR could eventually skyrocket to 18% — the maximum annual percentage rate (APR) most HELOC lenders charge. One way to keep your rate down is to look for a fixed-rate HELOC.
A Former Credit Counselor's Thoughts About CreditU's Money Management App

Nov 12, 2024 | forbes.com | Sarah Brady

If you’re in the market for a money management app—especially after Mint shut down earlier this year—you might want to check out CreditU, which launched in January 2024. Just be prepared for something a little different than the financial apps you’re used to. CreditU was created by American Consumer Credit Counseling (ACCC), so it’s built from a credit counselor’s perspective.
Does opening a checking or savings account affect your credit score?

Nov 8, 2024 | finance.yahoo.com | Sarah Brady

Credit scores are notoriously hard to understand. They're calculated using complex algorithms that weigh lots of information found in your credit reports. So when you open a checking or savings account, does that activity get reported to the credit bureaus? And could it hurt your score the way applying for credit cards or loans can? Fortunately, no. Here’s why. Opening a checking account does not have any effect on your credit scores. Why?
What is Early Warning Services, and what’s in your EWS report?

Oct 22, 2024 | finance.yahoo.com | Sarah Brady

Having trouble opening a bank account? Early Warning Services (EWS) might have something to do with it. EWS, which is owned by seven of the largest banks in the U.S., gathers and reports information about your banking history. The information is then pulled by banks when determining if you qualify for a new account. Unfortunately, these reports aren't always accurate, and they can represent a hurdle for millions of people who need access to banking services.
Can you save for a down payment and emergency fund at the same time?

Oct 17, 2024 | finance.yahoo.com | Sarah Brady

Saving money for two goals at one time can feel like spinning plates. Sure, saving for emergencies and for a down payment on a home are both important goals, but can you effectively do them both? Not exactly. Until you have enough money set aside for emergencies, your finances will always be shaky. When a one-off expense comes up, you'll be tempted to draw from your down payment savings, putting you back at square one.
Is there a penalty for withdrawing from your money market account?

Oct 17, 2024 | finance.yahoo.com | Sarah Brady

Money market accounts (MMAs) usually pay more interest than traditional savings accounts. But like many high-yield bank accounts, there are often restrictions on when and how you can access your cash. Some banks limit you to six free withdrawals from an MMA per month. That limit applies to most (not all) types of transactions. And if you exceed it, you can face fees or even have your money transferred to a checking account that doesn't earn interest. Do money market accounts have withdrawal limits?